It’s an extremely exciting time when a startup begins to see real gains, and the instinct for some business owners is to build a safety nest, especially after the upward climb to get to that point. It makes sense to secure a net in case of unforeseen losses, but if the money you bring in can generate even more business, then that growth should help buffer any possible slumps as well as lessen their likelihood. Let your money work for you. What good is profit coming in if it’s just sitting there and not strengthening the investments you’ve already made? Take every opportunity to expand your reach through promotion or invest in efforts to increase efficiency and productivity. Consider also that rewarding staff and customers generates loyalty, or giving back to the community can build a strong local network and create wins for everyone.
If you look, you’ll find a number of ways to make your money make more money for you. When was the last time you reviewed your utility bills? Are there any appliances barely hanging on that would be worth recycling and replacing with something that saves electricity? Is it time to maybe think about making the move towards solar? Have you checked out those compact fans and heaters, they can put a dent in cooling and heating bills. What about printing, do you use enough ink to justify buying that laser printer on sale? Try to see where expenses are leaking out and make small investments to seal those gaps.
Are there any processes that can be automated to save payroll hours or manpower? Remember that money equals time and energy. If your team can spend less focus on monotonous tasks and give more attention to important projects and creativity, then you will see greater productivity and a boost in morale. Listen to your employees and ask them their input on what might streamline their workflow. Investing to save time and energy will only equate to bigger gains and even better days for the company as a whole.
A startup should have a fresh vibe and a beaming air of vitality; no business owner wants to feel a sense of stagnancy. Money flowing in and out is part of a greater cycle of balance, like the lungs of your business bringing in what it needs to produce all it can, in order to keep bringing in more. Money itself is a form of energy, which better functions actively maintaining and improving the system, than sitting passive while opportunities and maybe even responsibilities pass you by. So yes, saving for the future is smart, but wisely investing for the present is just as important to secure an abundant flow for tomorrow.
